209:
40:
524:
especially given the $ 1 million cap. This title was also criticized for not including a means by which investors could form crowdfunding funds, thereby diversifying their investments. While Title IV included some loosening of restrictions on the use of
Regulation A, it did not grant full federal preemption. That is, for certain offerings companies still must register the offering with each state. State-by-state registration was one of the chief reasons the Government Accountability Office found for the remarkably low interest in Regulation A offerings pre-JOBS Act.
341:. While there are already many types of exemptions, most exempt offerings, especially those conducted using the internet, are offered only to accredited investors, or limit the number of non-accredited investors who are allowed to participate, due to the legal restrictions placed on private placements of securities. Additionally, the Bill mandates reviews of financial statements for offerings between $ 100,000 and $ 500,000, and audits of financial statements for offerings greater than $ 500,000 (noting maximum offering of $ 1,000,000).
566:, "reliev businesses that are preparing to go public from some of the most important auditing regulations that Congress passed after the Enron debacle", and "a terrible package of bills that would undo essential investor protections, reduce market transparency and distort the efficient allocation of capital". The bill also removed certain disclosure requirements, such as the disclosure of executive compensation, which were not in the spirit of the bill.
337:
extremely limited by current law. One of the conditions of this exemption is a yearly aggregate limit on the amount each person may invest in offerings of this type, tiered by the person's net worth or yearly income. The limits are $ 2,000 or 5% (whichever is greater) for people earning (or worth) up to $ 100,000, and $ 10,000 or 10% (whichever is less) for people earning (or worth) $ 100,000 or more. This exemption is intended to allow a form of
294:(D-LA). The new bill was based on S.1970 but incorporated elements from S.1791, upping the investment caps. It also expanded the liability section to explicitly authorize investors to sue issuers for the amount invested or for damages. On March 19, during the JOBS Act's debate in the Senate, Merkley, Bennet, and Brown amended the legislation by swapping out the language from H.R.2930 and substituting in S.2190.
1460:
week, the House of
Representatives passed the Jumpstart Our Business Startups (JOBS) Act with nearly full bipartisan support. The JOBS Act makes it easier for startups to raise capital. The crowdfunding provisions drafted by Congressman Patrick McHenry and Majority Leader Eric Cantor are particularly exciting and we applaud the House for its focus on helping to promote innovation and economic growth.
539:, and others. Among the complaints were that the loosening of investment protections would expose small and inexperienced investors to fraud. The Consumer Federation of America characterized an earlier version of the legislation as "the dangerous and discredited notion that the way to create jobs is to weaken regulatory protections". Criminologist
1339:
issuer that...(3) is an investment company, as defined in section 3 of the
Investment Company Act of 1940, or is excluded from the definition of investment company by section 3(b) or section 3(c) of that Act; or (4) the Commission, by rule or regulation, determines appropriate. In short, you can't crowdfund a fund.
438:), and many other investors and entrepreneurs. It is also supported by the National Venture Capital Association, which described the bill as modernizing regulations that were put in place almost 100 years before, by among other things facilitating use of online services to make investments in small companies. The "
1338:
The new crowdfunding rules specifically prohibit investment companies, including those that are exempt from investment company registration under
Section 3(c) or 3(b), from crowdfunding: (f) Applicability.-Section 4(6) shall not apply to transactions involving the offer or sale of securities by any
1285:
Six discrete bills, all tied up with a bow. Together, they would have the following impacts: Raises the number of shareholders a company can have before it is forced to go public. You could call this part The
Facebook Act. Facebook, among others, was growing rapidly as a private company but quickly
583:
companies will be permitted to offer and sell up to $ 50 million of securities to the general public subject to certain eligibility, disclosure and reporting requirements. While some offerings will be exempt from state registration requirements, in exchange for more extensive reporting requirements,
225:
considered a number of solutions to help spur economic growth. In
November 2011, the House passed several bills aimed at economic revitalization, including Small Company Capital Formation (H.R. 1070), Entrepreneur Access to Capital (H.R. 2930), and Access to Capital for Job Creators (H.R. 2940). The
591:
On
October 30, 2015, the Securities and Exchange Commission "adopted final rules to permit companies to offer and sell securities through crowdfunding. The Commission also voted to propose amendments to existing Securities Act rules to facilitate intrastate and regional securities offerings."
574:
Titles I, V, and VI of the JOBS Act became effective immediately upon enactment. The SEC approved the lifting of the general solicitation ban on July 10, 2013, paving the way for the adoption of Title II. As of
October 2014, Titles III, and IV are awaiting more detailed rulemaking by the SEC, which
369:
The first six sections, or "Titles", of the JOBS Act are named after the original bills that each was based on, and the last section, Title VII, tells the SEC to conduct outreach regarding the new legislation to SMEs and businesses owned by women, veterans, and minorities. Title III of the Act, the
523:
The final Act faced criticism on several fronts. Some proponents of crowdfunding were disappointed that the final version of Title III, the crowdfunding exemption, capped investment at $ 1 million and required a number of disclosures that could make the exemption unworkable for smaller start-ups,
309:
The JOBS Act substantially changed a number of laws and regulations making it easier for companies to both go public and to raise capital privately and stay private longer. Changes include exemptions for crowdfunding, a more useful version of
Regulation A, generally solicited Regulation D Rule 506
280:
It ended up being a giant dog's breakfast of different bills combined together, and then some genius, probably some congressional staffer, said "How are we gonna get this thing to pass? Oh-- let's say it has something to do with jobs. Jumpstarting Our
Business Startups! JOBS, JOBS!" And then, what
1459:
As we highlighted in a recent post on Google's Policy by the Numbers blog, entrepreneurs need access to capital to make grow their ideas into successful companies. We are excited to see members of Congress working to promote entrepreneurs' efforts to build new companies and create new jobs. Last
332:
a company may have before being required to register its common stock with the SEC and become a publicly reporting company. These requirements are now generally triggered when a company's assets reach $ 10 million and it has 500 shareholders of record. The House bill would alter this so that the
336:
Provide a new exemption from the requirement to register public offerings with the SEC, for certain types of small offerings, subject to several conditions. This exemption would allow use of the internet "funding portals" registered with the government, the use of which in private placements is
267:
introduced and placed on the House legislative calendar a new version of H.R.3606, renamed Jumpstart Our Business Startups (The JOBS Act). The revised bill included the original H.R. 3606; the already-passed H.R. 1070, H.R. 2930, H.R. 2940; and two other bills that were still before the House:
348:
Sarbanes-Oxley Act and related rules and regulations. New public companies now have a two-year phase-in, so this bill would extend that by an additional three years. Smaller public companies are also already entitled to special relief from these requirements, and the bill does not change that.
595:
On November 2, 2020, the SEC made large changes to expand on the scope of the act. In Regulation Crowdfunding, the maximum offering amount increased from $ 1.07 million to $ 5 million. In Regulation D, the same limit increased from $ 5 million to $ 10 million. In Regulation A, the same limit
575:
did not meet its original deadlines. Some have attributed the delay to former SEC chair Mary Schapiro's concerns over her legacy. Title III rules were proposed for adoption by the SEC on October 23, 2013. On May 16, 2016, Title III Regulation Crowdfunding rules enacted by the SEC went live.
347:
Relieve emerging growth companies from certain regulatory and disclosure requirements in the registration statement they originally file when they go public, and for a period of five years after that. The most significant relief provided is from obligations imposed by Section 404 of the
351:
Lift the ban on "general solicitation" and advertising in specific kinds of private placements of securities. This allows broader marketing of placements, as long as companies only sell to accredited investors (based on income, net worth or written confirmation from a specified third
192:, has drawn the most public attention because it creates a way for companies to use crowdfunding to issue securities, something that was not previously permitted. Title II went into effect on September 23, 2013. On October 30, 2015, the SEC adopted final rules allowing Title III
285:
After some debate and revision, the new JOBS Act passed the House on March 8. On March 13, the same day that the Act was placed on the Senate legislative calendar, Sen. Jeff Merkley introduced a revised version of his CROWDFUND bill, S.2190, cosponsored by
2329:
JOBS Act Implementation Update: Hearing before the Subcommittee on Investigations, Oversight, and Regulations of the Committee on Small Business, United States House of Representatives, One Hundred Thirteenth Congress, First Session, April 11,
578:
In an open meeting March 25, 2015, the Securities and Exchange Commission (SEC) elected to approve and release the long-awaited final rules for Title IV of the JOBS Act (commonly referred to as Regulation A+). Per the final rules, under
446:
online model for funding artists and designers. Academic research shows that the Act lead to public firms making more acquisitions, doing so more quickly after listing, and also increase other forms of investment.
1377:
212:
President Barack Obama and First Lady Michelle Obama talk with four veterans during a stop for lunch at Anna's Pizza and Italian Kitchen in Hampton, Va., Oct. 19, 2011 during Obama's American Jobs Act Bus
584:
others will not be and will still have to register with every state in which the securities are offered. For offerings made over the internet, this arguably means registering in all 50 states. The final
1252:
1572:
256:(R-TN) introduced into the House the Reopening American Capital Markets to Emerging Growth Companies Act (H.R. 3606), to relieve companies with annual revenue of less than $ 1 billion from some
2151:
1883:
Statement of Professor John C. Coffee, Jr., Adolf A. Berle Professor of Law, Columbia University Law School, at Hearings Before the Senate Committee on Banking, Housing and Urban Affairs,
1831:
355:
Raise the limit for securities offerings exempted under Regulation A from $ 5 million to $ 50 million, thereby allowing for larger fundraising efforts under this simplified regulation.
1286:
bumped up against the 500-shareholder limit, reducing its ability to compensate employees in one of the main coins of the Silicon Valley realm: stock. The new limit would be 1,000. ~.
478:-style platform that allows individual web users to transact directly with computer-literate borrowers in developing countries, does allow lenders to earn interest, but complies with
843:
474:
managed by intermediaries in developing countries, complies with SEC regulations by making it impossible for lenders to earn a positive financial return. Zidisha, which operates an
1321:
241:
The passage of H.R. 2930 inspired the introduction of two Senate bills similarly focused on the new crowdfunding exemption: the Democratizing Access to Capital Act (S.1791,
1931:
527:
The Act was also criticized by some consumer groups. For example, the bill was opposed by some securities regulators and consumer and investor advocates, including the
2103:
1276:
333:
threshold is reached only if the company has 500 "unaccredited" shareholders, or 2,000 total shareholders, including both accredited and unaccredited shareholders.
1851:
1136:
1997:
674:
501:, "identif changes to stock market structure that gave rise to a decline in the IPO market", and thus "gave rise to the JOBS Act", according to Devin Thorpe of
297:
The resulting revision passed the Senate on March 22, and after some debate passed the House on March 27. The JOBS Act was signed into law at a ceremony in the
1384:
643:
2364:
1178:
604:
A number of US organizations have been founded to provide education and advocacy related to equity crowdfunding as enabled by the JOBS Act. They include:
1884:
1586:
2070:
873:
2354:
2335:
Final rules adopted by the SEC "Eliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings"
831:"STATEMENT OF ADMINISTRATION POLICY : H.R. 2930 – Entrepreneur Access to Capital Act : (Rep. McHenry, R-North Carolina, and 5 cosponsors)"
1554:
2125:
442:" provisions, also known as "securities crowdfunding", which allow companies to sell securities through open platforms, were often likened to the
208:
1828:
1691:
1103:
494:
1637:
1743:
969:
830:
596:
increased from $ 50 million to $ 75 million. Other marketing, advertising, or so-called "testing the water" constraints are also loosened.
2233:
1664:
1409:
249:, D-OR). All three crowdfunding proposals were referred to the Senate Banking Committee, which took no action on them until March 2012.
1019:
177:
943:
344:
Define "emerging growth companies" as those with less than $ 1 billion total annual gross revenues in their most recent fiscal year.
1716:
917:
891:
765:"H.R.1070 - 112th Congress (2011-2012): Small Company Capital Formation Act of 2011 | Congress.gov | Library of Congress"
1248:
562:
Criticisms were levied against the House version of the bill as "gutting regulations designed to safeguard investors", legalizing
238:
and endorsed by the White House, it was the first U.S. bill designed to create a regulatory exemption for crowdfunded securities.
1351:
1303:
479:
1067:
1020:"Bill Summary & Status - 112th Congress (2011 - 2012) - H.R.3606 - All Congressional Actions - THOMAS (Library of Congress)"
418:
The JOBS Act had bipartisan support in Congress. It was supported by many in the technology and startup communities, including
1939:
809:"H.R.2940 - 112th Congress (2011-2012): Access to Capital for Job Creators Act | Congress.gov | Library of Congress"
1443:
1913:
787:"H.R.2930 - 112th Congress (2011-2012): Entrepreneur Access to Capital Act | Congress.gov | Library of Congress"
2174:"Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets"
1045:
2047:
1428:
2152:"Federal Register | Amendments for Small and Additional Issues Exemptions Under the Securities Act (Regulation A)"
1975:
1848:
1152:
543:
had said the bill would lead to a "regulatory race to the bottom" and said it was lobbied by Wall Street to weaken the
536:
512:
1805:"Organizations and Individuals Critical of Anti-investor Provisions in the House JOBS Act and Companion Senate Bills"
651:
245:, R-MA), and the CROWDFUND (Capital Raising Online While Deterring Fraud and Unethical Non-Disclosure) Act (S.1970,
720:
370:
crowdfunding provision, has been called one of the most momentous securities exemptions enacted since the original
1897:
838:
507:
magazine. This has led some to refer to Weild as the "father" of the JOBS Act. The first company to complete an
310:
offerings, and an easier path to registration of an initial public offering (IPO) for emerging growth companies.
235:
103:
95:
1182:
556:
532:
493:, former vice-chairman of NASDAQ, who also testified before Congress. Studies written by Weild, co-authored by
470:
brokers due to high legal compliance costs. Kiva, an organization that allows individual web users to support
1868:
1207:
486:
testified in Congress June 26, 2012 in support of the JOBS Act and its intent to offer equity crowdfunding.
317:
have to begin compliance with certain requirements, including certain requirements that originated with the
2022:
88:
1577:
2219:
1551:
588:
rules were published in the Federal Register on April 20, 2015, and became effective on June 19, 2015.
76:
1786:
944:"Bill Summary & Status - 112th Congress (2011 - 2012) - H.R.3606 - THOMAS (Library of Congress)"
743:"House Panel Approves Startup Bills, Paving Way For Floor Votes | Congressman Patrick McHenry"
242:
17:
2173:
918:"Bill Summary & Status - 112th Congress (2011 - 2012) - S.1970 - THOMAS (Library of Congress)"
892:"Bill Summary & Status - 112th Congress (2011 - 2012) - S.1791 - THOMAS (Library of Congress)"
85:
2340:
Regulation Crowdfunding under the Securities Act of 1933 and the Securities Exchange Act of 1934.
508:
298:
2323:
2308:
2303:
200:. Other titles of the Act had previously become effective in the years since the Act's passage.
2318:
2313:
2298:
2293:
2288:
2283:
2237:
563:
544:
371:
318:
222:
115:
2359:
1773:
218:
2104:"ENTER THE MINI-IPO – SEC Approves Final Rules for Title IV of the JOBS Act (Regulation A+)"
1494:
1023:
39:
1953:
1613:
808:
786:
764:
260:
compliance requirements. The bill was referred to the House Financial Services Committee.
8:
1582:
947:
459:
439:
338:
253:
193:
1573:"Microfinance without the MFI? Zidisha tests the boundaries of microlending methodology"
921:
895:
1847:
William Samuel, American Federation of Labor and Congress of Industrial Organizations,
1473:
1092:
268:
Private Company Flexibility and Growth (H.R. 2167), and Capital Expansion (H.R. 4088).
257:
2259:
695:
313:
The legislation, among many other things, extends the amount of time that certain new
2206:
2078:
1144:
1071:
624:
450:
The JOBS Act is also a welcome development for nonprofit organizations which operate
1495:"Breaking Down The JOBS Act: Inside The Bill That Would Transform American Business"
196:. These rules went into effect on May 16, 2016; this section of the law is known as
2339:
2334:
2126:"A Walk Through the JOBS Act of 2012: Deregulation in the Wake of Financial Crisis"
1527:
1444:"Bipartisanship, new businesses and new jobs, with a little help from your friends"
540:
173:
1855:
1835:
1766:"Securities Regulation: Factors That May Affect Trends in Regulation A Offerings"
1558:
281:
congressperson can vote against something called the JOBS Act? It was a miracle.
231:
227:
1668:
1531:
1108:
742:
498:
490:
435:
359:
314:
287:
273:
1608:
994:
675:"The Crowdfunder's Guide To General Solicitation And Title II Of The JOBS Act"
2348:
2082:
1819:, Consumer Federation of America open letter to Sen. Johnson and Rep. Shelby.
1515:
1148:
451:
291:
197:
1998:"Anniversary Of JOBS Act Finds Investment Crowdfunders Champing At The Bit"
1231:
585:
580:
455:
246:
185:
148:
1885:"Spurring Job Growth Through Capital Formation While Protecting Investors"
1046:"Crowdfunding compromise passed by US Senate, heads to House for approval"
1765:
1478:
443:
431:
386:
TITLE I - REOPENING AMERICAN CAPITAL MARKETS TO EMERGING GROWTH COMPANIES
329:
264:
1744:"The JOBS Act and Middle-Income Investors: Why It Doesn't Go Far Enough"
107:
1817:"Public Interest Groups Oppose Anti-Investor 'Capital Formation' Bills"
1692:"Natural Grocers by Vitamin Cottage filed a successful public offering"
1068:"Bill Text - 112th Congress (2011-2012) - THOMAS (Library of Congress)"
471:
467:
423:
181:
1816:
1804:
995:"PandoMonthly: Fireside Chat With AngelList Co-Founder Naval Ravikant"
2328:
874:"A Proposal to Allow Small Private Companies to Get Investors Online"
483:
269:
1976:"SEC Approves JOBS Act Requirement to Lift General Solicitation Ban"
217:
Following a decrease in small business activity in the wake of the
1104:"The JOBS Act: Encouraging Startups, Supporting Small Businesses"
548:
463:
169:
47:
1642:
1499:
1378:"Crowdfunding: Maximizing the Promise and Minimizing the Peril"
552:
503:
419:
276:, who spent six months lobbying for JOBS Act reforms, recalls:
1514:
Balogh, Attila; Creedy, Usha; Wright, Danika (May 3, 2022).
1322:"You Cannot 'Crowdfund' a Fund (in Case You Were Wondering)"
1277:"What does the JOBS Act actually do? Six questions answered"
2071:"New Crowdfunding Rules Let the Small Fry Swim With Sharks"
1121:
858:
528:
475:
324:
The primary provisions of the House bill as amended would:
1516:"Time to acquire: Regulatory burden and M&A activity"
427:
404:
TITLE VII - OUTREACH ON CHANGES TO THE LAW OR COMMISSION
1638:"Live Interview With Crowdfunding Leader David Weild IV"
365:
The bill prohibits the crowdfunding of investment funds.
2234:"National Crowdfunding Association Partners with SCORE"
1764:
Office, U.S. Government Accountability (July 3, 2012).
970:"Cantor says JOBS bill set for House passage next week"
1932:"A Year Later, the Missed Opportunity of the JOBS Act"
1313:
1232:"Section 12(g) of the Securities Exchange Act of 1934"
466:. These organizations have not obtained licenses as
226:
Entrepreneur Access to Capital Act was introduced by
176:
in the United States by easing many of the country's
2260:"Event at CU to offer crowdfunding primer - BizWest"
1717:"Must Read: How to Fix Title III Crowdfunding Rules"
1304:"The JOBS Act: Crowdfunding and Emerging Businesses"
547:. It is also opposed by labor unions, including the
1561:, Sarah Anderson and Joel Ramirez, December 6, 2007
1410:"Small Biz Jobs Act Is a Bipartisan Bridge Too Far"
2198:
1513:
1429:"House to pass bipartisan bill aimed at start-ups"
946:. Thomas.loc.gov. December 8, 2011. Archived from
894:. Thomas.loc.gov. November 2, 2011. Archived from
77:
1352:"Black Businesses to Have More Access to Capital"
1014:
1012:
2346:
1070:. Thomas.loc.gov. March 13, 2012. Archived from
644:"The CROWDFUND Act: everything you need to know"
398:TITLE V - PRIVATE COMPANY FLEXIBILITY AND GROWTH
1954:"Testimony on "JOBS Act Implementation Update""
188:on April 5, 2012. Title III, also known as the
1319:
1298:
1296:
1294:
1009:
358:Raise the number of permitted shareholders in
184:support, and was signed into law by President
2023:"SEC Chief Delayed Rule Over Legacy Concerns"
1441:
1137:"Audit Considerations for JOBS Act Offerings"
389:TITLE II - ACCESS TO CAPITAL FOR JOB CREATORS
135:on March 22, 2012 (73-26) with amendment
2365:United States federal securities legislation
1665:"What the Jobs Act Means for the IPO Market"
1274:
1849:Open letter to Sen. Johnson and Rep. Shelby
1291:
989:
987:
614:CrowdFund Intermediary Regulatory Advocates
2106:. Crowdfundinglegalhub.Com. March 26, 2015
1869:"Financial regulations gutted in new bill"
1520:International Review of Financial Analysis
1471:
1172:
1170:
690:
688:
395:TITLE IV - SMALL COMPANY CAPITAL FORMATION
1202:
1200:
696:"SEC Adopts Rules to Permit Crowdfunding"
304:
230:(R-NC) and revised in collaboration with
2355:Acts of the 112th United States Congress
1929:
1887:(December 1, 2011) Washington, D.C., p.1
1474:"Obama Signs JOBS Act to Boost Startups"
984:
599:
511:using provisions under the Jobs Act was
263:On March 1, 2012, House Majority Leader
207:
2178:U.S. Securities and Exchange Commission
1564:
1426:
1167:
871:
685:
672:
14:
2347:
2068:
1800:
1798:
1796:
1763:
1741:
1635:
1601:
1570:
1402:
1270:
1268:
1266:
1264:
1262:
1197:
673:Barnett, Chance (September 23, 2013).
203:
1930:Davidoff, Steven M. (June 11, 2013).
1689:
1492:
849:from the original on January 22, 2017
745:. Mchenry.house.gov. October 26, 2011
608:Crowdfunding Professional Association
1938:. The New York Times. Archived from
1435:
1134:
1793:
1472:Albanesius, Chloe (April 5, 2012).
1427:Liberto, Jennifer (March 8, 2012).
1420:
1259:
1176:
872:Cortese, Amy (September 25, 2011).
162:Jumpstart Our Business Startups Act
33:Jumpstart Our Business Startups Act
24:
1249:"SEC Rule 12g-1, 17 CFR 240.12g-1"
537:Council of Institutional Investors
513:Natural Grocers by Vitamin Cottage
482:by not guaranteeing cash payouts.
82:Tooltip Public Law (United States)
25:
2376:
2277:
2048:"SEC Proposes Crowdfunding Rules"
1807:, Consumer Federation of America.
1690:Zayed, Michelle (July 25, 2012).
1320:Bearman, Asher (April 24, 2012).
1179:"Summary of JOBS Bill and Update"
611:National Crowdfunding Association
569:
168:, is a law intended to encourage
1829:Jobs Act 2012 a Recipe for Fraud
1636:Thorpe, Devin (August 6, 2013).
1442:Chavez, Pablo (March 15, 2012).
1022:. Thomas.loc.gov. Archived from
920:. Thomas.loc.gov. Archived from
723:. Reginfo.gov. December 31, 2012
321:, from two years to five years.
290:(D-CO), Scott Brown (R-MA), and
139:House agreed to Senate amendment
38:
2252:
2226:
2191:
2166:
2144:
2118:
2096:
2062:
2040:
2015:
1990:
1968:
1946:
1923:
1914:"They Have Very Short Memories"
1907:
1890:
1877:
1861:
1841:
1822:
1810:
1757:
1735:
1709:
1683:
1657:
1629:
1545:
1507:
1486:
1465:
1370:
1344:
1241:
1224:
1208:"H.R. 3606, 112th Cong., ti. 1"
1128:
1096:
1086:
1060:
1038:
962:
936:
910:
884:
865:
839:Office of Management and Budget
811:. Hdl.loc.gov. November 8, 2011
767:. Hdl.loc.gov. November 7, 2011
489:The bill was also supported by
236:Crowdfunding exemption movement
141:on March 27, 2012 (380-41)
2069:Cowley, Stacy (May 14, 2016).
1571:Daniel, Rozas (July 5, 2011).
1275:Grant, David (March 8, 2012).
1048:. masslive.com. March 22, 2012
823:
801:
779:
757:
735:
713:
666:
636:
557:National Education Association
533:Consumer Federation of America
515:(NYSE:NGVC) on July 25, 2012.
129:on March 8, 2012 (390-23)
13:
1:
1493:Colao, J.J. (April 5, 2012).
1283:. Christian Science Monitor.
630:
997:. YouTube. November 17, 2012
789:. Hdl.loc.gov. December 2011
518:
408:
401:TITLE VI - CAPITAL EXPANSION
382:The titles of the bill are:
7:
1578:Financial Access Initiative
1448:Google's Public Policy Blog
618:
10:
2381:
1532:10.1016/j.irfa.2022.102047
413:
2262:. Bcbr.com. July 25, 2012
1920:, March 10, 2012, p. SR10
1898:"The Senate Overachieves"
1609:"JOBS Act Implementation"
377:
122:
113:
94:
72:
67:
59:
46:
37:
27:United States federal law
1978:. SEC.gov. July 10, 2013
1904:, March 15, 2012, p. A35
972:. TheHill. March 1, 2012
392:TITLE III - CROWDFUNDING
234:(D-NY). Informed by the
1873:San Francisco Chronicle
1838:, The Real News Network
1834:March 31, 2014, at the
509:initial public offering
328:Increase the number of
299:White House Rose Garden
252:In December 2011, Rep.
1781:Cite journal requires
564:boiler room operations
372:Securities Act of 1933
305:Provisions of the bill
283:
214:
178:securities regulations
2154:. Federalregister.gov
1742:Williamson, James J.
1390:on September 25, 2013
600:Industry associations
278:
219:2008 financial crisis
211:
1671:. September 23, 2013
1614:C-SPAN Video Library
1141:Transaction Advisors
1026:on December 15, 2012
654:on December 20, 2016
2240:on November 9, 2012
2027:Wall Street Journal
1858:, February 29, 2012
1583:New York University
1074:on February 3, 2016
950:on January 15, 2013
898:on October 14, 2014
440:equity crowdfunding
339:equity crowdfunding
254:Stephen Lee Fincher
204:Legislative history
194:equity crowdfunding
116:Legislative history
34:
2075:The New York Times
1918:The New York Times
1902:The New York Times
1854:2012-05-05 at the
1723:. October 16, 2015
1557:2013-10-12 at the
1358:. November 4, 2015
1310:, October 23, 2013
1302:Marielle Segarra,
924:on October 9, 2014
878:The New York Times
545:Sarbanes–Oxley Act
362:from 500 to 2,000.
319:Sarbanes–Oxley Act
301:on April 5, 2012.
258:Sarbanes-Oxley Act
215:
32:
2214:Missing or empty
1942:on June 19, 2013.
1867:Kathleen Pender,
1721:Crowdfund Insider
1589:on March 28, 2014
1416:. March 18, 2012.
1255:on March 5, 2012.
1185:on March 24, 2012
1122:National Archives
859:National Archives
625:Capital formation
497:and published by
180:. It passed with
158:
157:
133:Passed the Senate
97:Statutes at Large
16:(Redirected from
2372:
2272:
2271:
2269:
2267:
2256:
2250:
2249:
2247:
2245:
2236:. Archived from
2230:
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2217:
2212:
2210:
2202:
2195:
2189:
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2184:
2170:
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2013:
2012:
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1650:
1633:
1627:
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1605:
1599:
1598:
1596:
1594:
1585:. Archived from
1568:
1562:
1549:
1543:
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1540:
1538:
1511:
1505:
1504:
1490:
1484:
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1433:
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1424:
1418:
1417:
1406:
1400:
1399:
1397:
1395:
1389:
1383:. Archived from
1382:
1374:
1368:
1367:
1365:
1363:
1356:Black Enterprise
1348:
1342:
1341:
1335:
1333:
1317:
1311:
1300:
1289:
1288:
1272:
1257:
1256:
1251:. Archived from
1245:
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1238:
1236:
1228:
1222:
1221:
1219:
1217:
1212:
1204:
1195:
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1190:
1181:. Archived from
1177:Feldman, David.
1174:
1165:
1164:
1162:
1160:
1155:on July 23, 2015
1151:. Archived from
1135:Coughlan, Anne.
1132:
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711:
710:
708:
706:
692:
683:
682:
670:
664:
663:
661:
659:
650:. Archived from
640:
541:William K. Black
315:public companies
174:small businesses
151:on April 5, 2012
127:Passed the House
118:
98:
83:
79:
52:
42:
35:
31:
21:
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2199:http://cfpa.org
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1928:
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1856:Wayback Machine
1846:
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1836:Wayback Machine
1827:
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1620:
1618:
1617:. June 26, 2012
1607:
1606:
1602:
1592:
1590:
1569:
1565:
1559:Wayback Machine
1552:Kiva Case Study
1550:
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1156:
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1129:
1115:
1113:
1112:. April 5, 2012
1102:
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694:
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686:
671:
667:
657:
655:
642:
641:
637:
633:
621:
602:
572:
521:
480:SEC regulations
458:loans, such as
416:
411:
380:
360:community banks
307:
232:Carolyn Maloney
228:Patrick McHenry
206:
154:
145:Signed into law
114:
96:
81:
50:
28:
23:
22:
15:
12:
11:
5:
2378:
2368:
2367:
2362:
2357:
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2332:
2326:
2321:
2319:H.R. 4088
2316:
2314:H.R. 2167
2311:
2306:
2301:
2299:H.R. 2940
2296:
2294:H.R. 1070
2291:
2289:H.R. 3606
2286:
2284:H.R. 2930
2279:
2278:External links
2276:
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2190:
2165:
2143:
2130:Cato Institute
2117:
2095:
2061:
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2014:
1989:
1967:
1945:
1922:
1906:
1896:Gail Collins,
1889:
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1783:|journal=
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1669:Bloomberg News
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454:platforms for
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2132:. May 3, 2016
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495:Edward H. Kim
492:
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452:crowd funding
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198:Regulation CF
195:
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190:CROWDFUND Act
187:
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150:
147:by President
146:
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36:
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2360:Crowdfunding
2324:S. 2190
2309:S. 1970
2304:S. 1791
2266:November 21,
2264:. Retrieved
2254:
2242:. Retrieved
2238:the original
2228:
2216:|title=
2193:
2183:November 12,
2181:. Retrieved
2177:
2168:
2158:November 21,
2156:. Retrieved
2146:
2136:December 13,
2134:. Retrieved
2129:
2120:
2110:November 21,
2108:. Retrieved
2098:
2086:. Retrieved
2074:
2064:
2052:. Retrieved
2042:
2032:December 16,
2030:. Retrieved
2026:
2017:
2007:November 21,
2005:. Retrieved
2001:
1992:
1982:November 21,
1980:. Retrieved
1970:
1960:November 21,
1958:. Retrieved
1948:
1940:the original
1935:
1925:
1917:
1909:
1901:
1892:
1879:
1872:
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1824:
1812:
1774:cite journal
1759:
1749:December 13,
1747:. Retrieved
1737:
1727:December 13,
1725:. Retrieved
1720:
1711:
1699:. Retrieved
1695:
1685:
1673:. Retrieved
1659:
1647:. Retrieved
1641:
1631:
1619:. Retrieved
1612:
1603:
1591:. Retrieved
1587:the original
1576:
1566:
1547:
1535:. Retrieved
1523:
1519:
1509:
1498:
1488:
1477:
1467:
1458:
1453:February 19,
1451:. Retrieved
1447:
1437:
1422:
1413:
1404:
1392:. Retrieved
1385:the original
1372:
1362:November 20,
1360:. Retrieved
1355:
1346:
1337:
1332:February 19,
1330:. Retrieved
1328:. LexisNexis
1325:
1315:
1307:
1284:
1280:
1253:the original
1243:
1226:
1214:. Retrieved
1187:. Retrieved
1183:the original
1157:. Retrieved
1153:the original
1140:
1130:
1120:– via
1116:November 21,
1114:. Retrieved
1107:
1098:
1088:
1078:November 21,
1076:. Retrieved
1072:the original
1062:
1052:November 21,
1050:. Retrieved
1040:
1030:November 21,
1028:. Retrieved
1024:the original
1001:November 21,
999:. Retrieved
976:November 21,
974:. Retrieved
964:
954:November 21,
952:. Retrieved
948:the original
938:
928:November 21,
926:. Retrieved
922:the original
912:
902:November 21,
900:. Retrieved
896:the original
886:
877:
867:
857:– via
853:November 21,
851:. Retrieved
837:
825:
815:November 21,
813:. Retrieved
803:
793:November 21,
791:. Retrieved
781:
771:November 21,
769:. Retrieved
759:
749:November 21,
747:. Retrieved
737:
727:November 21,
725:. Retrieved
715:
705:November 20,
703:. Retrieved
699:
678:
668:
658:December 13,
656:. Retrieved
652:the original
648:Econsultancy
647:
638:
603:
594:
590:
586:Regulation A
581:Regulation A
577:
573:
561:
526:
522:
502:
488:
456:microfinance
449:
434:(founder of
426:(founder of
417:
381:
368:
330:shareholders
323:
312:
308:
296:
284:
279:
262:
251:
247:Jeff Merkley
240:
216:
189:
186:Barack Obama
165:
161:
159:
149:Barack Obama
144:
138:
132:
126:
51:(colloquial)
29:
2054:October 24,
1701:January 23,
1696:Denver Post
1675:October 11,
1649:October 11,
1479:PC Magazine
1326:Communities
721:"View Rule"
700:www.sec.gov
444:Kickstarter
432:Mitch Kapor
272:co-founder
265:Eric Cantor
243:Scott Brown
2349:Categories
2088:October 5,
2002:Forbes.com
1526:(102047).
631:References
555:, and the
472:microloans
468:securities
424:Steve Case
182:bipartisan
73:Public law
2244:August 4,
2083:0362-4331
2050:. CFO.com
1956:. SEC.gov
1414:Bloomberg
1394:April 29,
1216:March 19,
1189:March 19,
1149:2329-9134
519:Criticism
484:RocketHub
409:Reception
270:AngelList
102:126
68:Citations
60:Nicknames
2207:cite web
1936:Dealbook
1852:Archived
1832:Archived
1621:July 27,
1593:July 27,
1555:Archived
1159:July 23,
844:Archived
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